26 May Will N.J. tax rental income from our Florida property?

Q. We just bought a rental property in Florida. We still live in New Jersey. Do we have to pay additional taxes in New Jersey for the rental income off our Florida property?
— New landlord

A. Congrats on becoming a landlord.

We hope it brings you lots of income and no headaches. It can be a tough thing to do if you’re living in a different state.

To your question, the short answer is yes.

“As a New Jersey resident, you pay tax on any income earned, regardless of where it’s earned,” said Michael Karu, a certified public accountant with Levine, Jacobs & Co. in Livingston. “Florida does not have a personal income tax, so there is no corresponding credit for taxes paid to another state.”

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This story was originally published on May 26, 2021.

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